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Scallop to Launch in EU and UK Markets in October

Scallop, the world’s first DeFi-powered banking app with integrated DeFi-powered accounts, is formalizing plans for launch in the EU and UK markets in late October 2021, with international expansion plans to follow. A one-stop solution for both banking services and crypto DeFi services, Scallop provides traditional banking services for busy users with a cryptocurrency core

Scallop’s ecosystem is focused on offering its users DeFi-powered banking solutions in an all-in-one account that enables them to manage their cryptoassets and fiat in a faster, more efficient, and secure manner, thereby making people’s day-to-day lives more manageable, while also bringing crypto a step further into the mainstream.

“Scallop’s mission is to accelerate the global transition to a more decentralized and equitable financial system. Therefore, there is a requirement for a banking infrastructure that bridges the crypto and fiat worlds. Scallop will allow its users to use their digital assets in the real world for the very first time. This is a major step for any foreseeable future of cryptocurrencies; without using crypto in the same way as fiat, the future is limited,” said Raj Bagadi, CEO and Founder at Scallop.

With Scallop accounts, users will be able to pay for goods, set up direct debits, send or receive cross-border payments, and more. Scallop also comes with an in-built non-fungible tokens (NFT) marketplace where users can easily buy or sell their crypto-collectibles securely. And on top of that, Scallop users will also be able to earn the best interest rates from DeFi protocols like Compound and Aave.

Scallop has already secured a license to provide virtual currency exchange and wallet services from Estonia’s MTR financial regulators, and the team is waiting on the UK’s Financial Conduct Authority (FCA) Regulation as an EMD for Electronic Money Institution (EMI). Scallop’s also shortlisted in Europe for regulation as an Electronic Money Intermediary. (Scallop services will not be immediately available in the United States)

Scallop will make further announcements as the EU and UK rollout, expected to go live in October 2021, begins. All application development has been completed, and security audits are taking place to ensure the product is technologically sound before the final launch.

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  1. finova Upgrades Award-Winning Origination Platform Apprivo To Drive Operational Efficiency For Clients Amid Rate War Read more
  2. Gilion Appoints Andreas Hedlund as New CFO and Deputy CEO Read more
  3. FINOM Brings Integrated E-Invoicing and Business Banking to Italian SMEs with Launch of Business Accounts and Local IBAN Read more
  4. More Than Two Thirds Of Financial Services Organisations Say Network Security Threats Have Increased In The Last 18 Months, According To New Daisy Research Read more
  5. Monavate and Know Your Customer Collaborate to Reinvent Compliance Across the European Payment Solutions Read more